GE Capital Provides $31.6M Construction Loan for Dual-Branded Hotel

These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!

SCOTTSDALE, AZ—GE Capital’s Franchise Finance business has provided a $31.6-million term loan to NewcrestImage, LLC, to replace the short-term financing used for the construction of a dual-branded Marriott hotel property.

NewcrestImage, a hotel management and construction company based in Irving, TX, has recently opened a Courtyard by Marriott, which has 181 rooms, and a TownePlace Suites by Marriott, which has 120 rooms, on this property. The conjoined hotels are located less than five miles from Dallas Fort Worth Airport in Grapevine, TX.

“Dual branding is a concept that’s growing in popularity and we’re pleased to be at the leading edge of hotel development,” stated Mehul Patel, chairman and CEO of NewcrestImage. “We’re targeting two different price points and hotel segments—in this case, select service and extended stay. We’ve achieved construction cost and operating efficiencies by sharing facilities and resources, such as van service, laundry facilities and meeting space, as well as the general manager and the sales force.”

“We were able to close on NewcrestImage’s construction take-out loan immediately after they received their certificate of occupancy,” stated Scott Andrews, a managing director with GE Capital, Franchise Finance. “Construction take-out financing is a valuable option to offer to experienced franchise hotel developers who are expanding their businesses.”

Return Of Group Business Trumpeted At ALIS
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.